The Market On Friday

The weeks are flying by, wasn't it just Monday. Nice to see the light returning ever so gradually but noticeably. The equinox is not really the time when the light and dark distinctions are equal. We are at that point now because the day lightens a half hour before the sunrises and stays light out a half hour after it sets. I was up a little after 6 a.m. EST and there was some light out.

Ah, but the weekend is calling...

At 7:00 a.m. futures are down 50 points. I can't really believe the reason for this downturn. The Fed has raised the rate at which it lends emergency funds .25% and investors worldwide are freaking, god help us. Apparently as a result of this action the dollar is now stronger especially against the Euro and that spells trouble for the equities market. So the skinny is this - Fed up, dollar up, futures down.

CNN: Stocks poised to drop

But many investors bet that it was a sign that the Fed is closer to unwinding the emergency measures it put in place in the wake of the financial crisis.

The Consumer Price Index comes out at 8:30 a.m. ET.

CNN: Fed raises emergency funding rate

The Fed said late Thursday it is raising its discount rate by a quarter percentage point, or 25 basis points, to 0.75%. The central bank said in a statement it made the move in response to improving financial market conditions.

Reuters: Stock futures signal weaker Wall St after Fed

Efforts to tighten U.S. financial regulations advanced on Thursday, with a new bipartisan bill expected next week from two key senators who were working on it while traveling together in Panama.